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Elon’s Damascene moment crashes bitcoin

Summary:
Tesla’s Technoking had a Damascene moment overnight, via Twitter: FT Alphaville isn’t sure why it took this long for one of the world’s geniuses to figure out what everyone already knew about Bitcoin’s carbon footprint, but there you go.Bitcoin dropped as much as 14 per cent on the back of the tweet, falling below ,000, though it has since recovered some of that to trade down a tenth or so on the day now, to ,755.The Hodlers aren’t happy. Davey Day Trader, aka retail guru and Barstool Sports founder Dave Portnoy, accused Musk shortly after of “pulling levels like the Wizard of Oz on crypto . . . he’s sending dogecoin up, he’s sending Bitcoin down”, before concluding, “this is bullshit”. Similarly, r/Bitcoin is up in arms, with some diamond-handed traders

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Tesla’s Technoking had a Damascene moment overnight,

FT Alphaville
FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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